[ad_1]
The company led by Nancy Dubuc unveiled a series of moves at the presentation of NewFronts this week.
Vice Media has found new funding to fuel the company's reworked expansion plans.
The company led by Nancy Dubuc has obtained $ 250 million in debt from investment firm 23 Capital, as well as from the billionaire George Soros company, Soros Fund Management, and the investment groups Fortress and Monroe Capital.
"Thanks to this capital investment, Vice's growth plans can be accelerated, which allows us to implement the strategic vision of our new leadership for the company," said a Vice Media spokesperson Friday.
The investment bank Guggenheim Securities, LLC was the financial advisor and the law firm Shearman & Sterling was the legal advisor. (The Wall Street Journal first reported investment in debt of $ 250 million.)
This decision marks the company's first funding since it raised $ 450 million from private equity firm TPG Capital in 2017, when co-founder Shane Smith still held the title of CEO. At that time, Vice Media was valued at $ 5.7 billion.
In March 2018, Vice Media, director of A + E Networks, hired Dubuc as the new CEO, while Smith assumed the role of executive chairman.
The unveiling of a new round of funding limits the movements and announcements of new shows presented by the media company at the New Newes Marketing Summit in New York. These included mobile sites such as Munchies, the Noisey music site, the Motherboard technical site and VICE News under the umbrella of Vice's main website. Vice Media will no longer count partner websites in its total monthly traffic statistics.
The investment also comes three months after the media sector suffered a cost reduction that included the layoff of 10% of its workforce, or about 250 jobs across the company. Dubuc said: "After finalizing the 2019 budget, our goal now is to reach our goals and achieve our goals."
An Assistant Representative added Friday: "We have built one of the world's most powerful media companies, focused on content, talent and partnerships in five key areas: studio, news, television, digital and our news agency. Virtue Advertising is a vote of confidence in our continued ability to grow our diverse global footprint. "
[ad_2]
Source link